DO YOU HAVE AN ESTATE PLAN?
Ensure Your Family's Future with a Trust: Is Your Will Outdated?
Life evolves: your assets grow, new children join your family, or perhaps you’ve experienced a divorce. These changes could make your old Will insufficient. As your family has grown, it might be time to consider a Trust to better protect your loved ones.
It’s crucial to review and update your estate plan with an experienced attorney. Don't leave your family's future to chance—secure it today!
Here are 6 essential estate planning documents everyone must have:
Will and/or Trust: Determines asset distribution.
Power of Attorney: Authorizes someone to act on your behalf.
Living Will: Specifies medical treatment preferences.
Healthcare Surrogate Designation: Appoints a person to make healthcare decisions.
Designation of Preneed Guardian: Chooses a guardian for dependents and ill family members.
HIPAA Authorizations: Allows access to medical information and is essential for all students away at school.
Key Considerations:
Wills: Necessitates the probate process, which is time-consuming and allows creditors to claim against the estate. An attorney is required to handle the probate action which increases the costs for the family. The Medicaid Estate Recovery Act allows Medicaid to seek reimbursement from Assets in your probate.
Trusts: Avoids probate, does not require an attorney to administer and prevents Medicaid claims against your assets. You will have control over your Assets during your lifetime and then the Assets are transferred to your beneficiaries without court involvement or delays, ensuring privacy and efficiency. Trusts can also protect Assets for your minor children, adult children, grandchildren and stepchildren and also from divorce.